This past Friday, the RegeneRx Biopharmaceuticals Inc (OTCMKTS:RGRX) stock was trading in a range despite the fact that the company had made a significant announcement. However, at the same time, it ought to be noted that such stocks can also break out strongly and hence, it may be a good move to keep an eye on the stock today.
Trading Data
On Friday, RGRX stock fell by 1.94% to $0.1520 with more 86k shares, compared to its average volume of 133K shares. The stock has moved within a range of $0.1511 – 0.1600 after opening trade at $0.1575.
RegeneRx Joint Venture Will Hold Pre-BLA Meeting with FDA on February 28, 2022
Last Friday, the company announced the company noted that its request for a pre-BLA meeting with the United States Food and Drug Administration in relation to the product RGN 259 had been granted. It was a major development for the company but it did not lead to much excitement among investors.
The product in question is meant for the treatment of dry eye syndrome. The key meeting between the company and the regulatory agency has been scheduled for February 28 next year. In this context, it is also important for investors to keep in mind that a BLA (Biologics License Application) is part of the initial stages of the complete approval that could eventually be provided by the FDA.
Hence, the news is a significant one for RegeneRx Biopharmaceuticals and also its shareholders. It may be a good idea to keep the stock in your watch lists for the time being.
Key Quote
“I am pleased the FDA has accepted the pre-BLA meeting and look forward to our continued work with the agency on RGN-259 for dry eye syndrome. RGN-259 has shown significant efficacies in over 1,600 patients in several phase 3 clinical trials in this complicated multi-factorial disease. Importantly, it is safe and well-tolerated. We intend to keep investors updated as appropriate,” stated J.J. Finkelstein, RegeneRx president and chief executive officer.
Technical Data
RGRX stock is trading below the 20-Day and 50-Day Moving averages of $0.16 and $0.17 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.25.
